Recently, businesses across various industries have been greatly affected by the coronavirus pandemic. This disruption has created challenges in health and safety, supply chains, workforce management, business revenue, and customer behaviour. However, amidst these challenges, significant advancements in technology have the potential to transform the business world and drive sustainable development. These advancements enable businesses to respond more quickly, achieve greater productivity, and provide contingency plans for the benefit of their stakeholders. The chapter also reviews the impact of the modern industrial revolution paradigm, including Industry 4.0, Industry 5.0, and futuristic view on supply chain management in the context of business sustainability. This chapter will explore the applicability of business operational integrity, trust, and anti-corruption, as well as the opportunities that new technologies bring in improving service delivery access and quality and enhancing transparency and accountability. Finally, the chapter will present an Internet of Things (IoT) based service-oriented blockchain framework that embodies the information-driven sustainability agenda in supply chain operations.
TopIntroduction
Humanity faces unprecedented social, economic, and environmental challenges, but we can manage and mitigate them by leveraging science, technology, and innovation. Industries play a vital role in fostering innovations and driving sustainable development by adopting the latest technologies. This contributes to achieving sustainable development goals and nurtures more prosperous, inclusive, and healthy societies, instilling confidence in the potential of technology (Pal, 2023).
Technology provides faster, scalable, and user-friendly solutions that can enhance the resilience of businesses and supply chains. The Industrial Revolution started in the eighteenth century, and six waves of technological innovation can be identified, including the current one, Industry 4.0. This emphasis on technology's role in enhancing resilience should make you feel secure about your business's future.
While Industry 4.0 has undeniably brought about cost reductions and production optimization, it has also sparked concerns about human roles in manufacturing. The advent of highly automated production environments has led to job displacement, a demand for new and more advanced skills, and increased inequality. However, the emergence of Industry 5.0, the Age of Augmentation, offers a promising shift. It builds upon the technological advancements of Industry 4.0 but redirects the focus towards sustainable, intelligent manufacturing and supply chain solutions (Pal, 2022). These solutions not only enhance productivity and operational efficiency but also take into account the environmental and social impacts of manufacturing processes, offering a more balanced and optimistic future.
The coronavirus pandemic has brought enormous challenges to businesses across various industries, including manufacturing. It has also exposed the fragility and vulnerability of supply chains, including finance, lead time, demand changes, and production performance. In this context, the importance of appropriate strategic management of technology deployment in supply chain operations cannot be overstated. It is a beacon of confidence and reassurance, guiding businesses through these uncertain times and helping them build sustainable-resilient supply chains.
Amidst the global pandemic, governments worldwide have demonstrated the resilience and adaptability of technology by implementing unprecedented measures using advanced analytics and new technologies. This showcases technology's potential to overcome even the most challenging circumstances, instilling confidence in its role in crisis response and recovery.
The transition from supply chain 4.0 to supply chain 5.0 marks a significant milestone in the realm of supply chain management. Supply chain 4.0 integrated Industry 4.0 technologies into the entire supply chain, optimizing and automating it to enhance its connectivity and responsiveness to changing market conditions and consumer demands. Information flows in all directions, fostering greater flexibility and adaptability. This evolution paves the way for supply chain 5.0, which promises even more advanced and intelligent supply chain management solutions (Pal, 2023).
Supply chain 4.0 integrates vital Industry 4.0 technologies, including artificial intelligence (AI), service-oriented computing, blockchain, cyber-physical systems (CPS), big data analytics, IoT, sensor technology, additive manufacturing, and other industrial automation technologies. New connectivity technologies include Digital Twins, fifth-generation communication (5G) and sixth-generation Wi-Fi connectivity, Virtual Reality (VR), and augmented reality (AR). These technologies allow the collection of precise tracking and control information on inventory, production processes, and logistics, creating a more connected and automated supply chain that can respond quickly to accommodate market operating conditions and consumer demands (Pal, 2023).
Service-oriented architecture (SOA) is an essential building block of intelligent manufacturing in supply chain 4.0. It provides services that support virtual and augmented reality, enabling more efficient and effective design and production processes. A business's dynamically adapting and evolving ability is critical to its success.